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Continental Realty Corp. Acquires Retail Property In Lake Worth Beach For $11.3M

Property Image
SOLD
$11,300,000
Kirk Olson
Drew Kristol
JM Schapiro
+ 1

Florida

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Retail57,901 SF
Sold 04/14/2021
the dealplayerscompscontact
Property Image
SOLD

Continental Realty Corp. Acquires Retail Property In Lake Worth Beach For $11.3M

8888 Lantana Road, Lake Worth, FL, USA

See Similar Deals
Retail57,901 SF
Sold 04/14/2021
Kirk Olson
Drew Kristol
JM Schapiro
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$195
Total Square Footage:57,901 SF
Transaction Type:Sale

The retail property located at 8888 & 8919 Lantana Road in Lake Worth Beach has been sold. The sale was finalized on 04/14/2021.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: $11,300,000
  • Square Footage: 57,901
  • Price Per Square Foot: $195
  • Acres: 8
  • Price Per Acre: $1,412,500

The buyer of the property is Continental Realty Corp., represented by Josh Dinstein and JM Schapiro. The seller, on the other hand, is DRA Advisors, represented by David Luski.

The brokers involved in the deal are Kirk Olson and Drew Kristol, from Marcus & Millichap.

Players

Drew Kristol
Marcus & Millichap
Drew Kristol
46 deals$560.5M volume(786) 522-7065
BROKER
Kirk Olson
Marcus & Millichap
Kirk Olson
46 deals$569.8M volume(786) 522-7064
BROKER
JM Schapiro
JM Schapiro
12 deals$396M volume
BUYER
CC
Continental Realty Corp.
BUYER
David Luski
DRA Advisors
David Luski
33 deals$3.3B volume
SELLER

Details

SOLD
IMAGE: Josh Dinstein, Drew Kristol, Kirk Olson & David Luski DATE: 04/14/2021 ADDRESS: 8888 & 8919 Lantana Road MARKET: Lake Worth Beach ASSET TYPE: Retail BUYER: Continental Realty Corp. - Josh Dinstein & JM Schapiro SELLER: DRA Advisors - David Luski BROKERS: Kirk Olson & Drew Kristol - Marcus & Millichap PRICE: $11,300,000 SF: 57,901 ~ PPSF: $195 ACRES: 8 ~ PPA: $1,412,500

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$602,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$40,146.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$53,567.76
Annual Debt Service$642,813.18